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Endogenous Growth and Property Rights Over Renewable Resources

  • Simone Valente

    ()

    (Department of Economics, Norwegian University of Science and Technology)

  • Nujin Suphaphiphat

    ()

    (International Monetary Fund)

  • Pietro F. Peretto

    ()

    (Department of Economics, Duke University)

We analyze the general-equilibrium e§ects of alternative regimes of access rights over renewable natural resources ñnamely, open access versus full property rights ñon the pace of development when economic growth is endogenously driven by both horizontal and vertical innovations. Resource exhaustion may occur under both regimes but is more likely to arise under open access. Under full property rights, positive resource rents increase expenditures and temporarily accelerate productivity growth, but also yield a higher resource price at least in the short-to-medium run. We characterize analytically the welfare e§ect of a regime switch induced by a failure in property rights enforcement, switching to open access is welfare reducing if the utility gain generated by the initial drop in the resource price is more than o§set by the static and dynamic losses induced by reduced expenditure

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Paper provided by Department of Economics, Norwegian University of Science and Technology in its series Working Paper Series with number 14413.

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Length: 40 pages
Date of creation: 16 May 2013
Date of revision:
Handle: RePEc:nst:samfok:14413
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  1. Jakob B. Madsen & Isfaaq Timol, 2010. "Long-Run Convergence in Manufacturing and Innovation-Based Models," Monash Economics Working Papers 09-10, Monash University, Department of Economics.
  2. Peretto, Pietro F., 2012. "Resource abundance, growth and welfare: A Schumpeterian perspective," Journal of Development Economics, Elsevier, vol. 97(1), pages 142-155.
  3. Lans Bovenberg, A. & Smulders, Sjak, 1995. "Environmental quality and pollution-augmenting technological change in a two-sector endogenous growth model," Journal of Public Economics, Elsevier, vol. 57(3), pages 369-391, July.
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  7. Madsen, Jakob B., 2010. "The anatomy of growth in the OECD since 1870," Journal of Monetary Economics, Elsevier, vol. 57(6), pages 753-767, September.
  8. Peretto, Pietro F, 1998. " Technological Change, Market Rivalry, and the Evolution of the Capitalist Engine of Growth," Journal of Economic Growth, Springer, vol. 3(1), pages 53-80, March.
  9. Peretto, P. & Smulders, J.A., 2002. "Technological distance, growth and scale effects," Other publications TiSEM bdce08a7-4ad9-4427-a99e-f, Tilburg University, School of Economics and Management.
  10. Gardner M. Brown, 2000. "Renewable Natural Resource Management and Use without Markets," Journal of Economic Literature, American Economic Association, vol. 38(4), pages 875-914, December.
  11. Pietro Peretto & Michelle Connolly, 2007. "The Manhattan Metaphor," Journal of Economic Growth, Springer, vol. 12(4), pages 329-350, December.
  12. Jakob B. Madsen, 2009. "The Anatomy of Growth in the OECD since 1870: the Transformation from the Post-Malthusian Growth Regime to the Modern Growth Epoch," Monash Economics Working Papers 14-09, Monash University, Department of Economics.
  13. Plourde, C G, 1970. "A Simple Model of Replenishable Natural Resource Exploitation," American Economic Review, American Economic Association, vol. 60(3), pages 518-22, June.
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  15. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Discussion Papers in Economics at the University of Washington 0025, Department of Economics at the University of Washington.
  16. Christopher Laincz & Pietro Peretto, 2006. "Scale effects in endogenous growth theory: an error of aggregation not specification," Journal of Economic Growth, Springer, vol. 11(3), pages 263-288, September.
  17. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Working Papers 0025, University of Washington, Department of Economics.
  18. Ayong Le Kama, Alain D., 2001. "Sustainable growth, renewable resources and pollution," Journal of Economic Dynamics and Control, Elsevier, vol. 25(12), pages 1911-1918, December.
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